The hidden costs of homeownership

[The hidden costs]

The hidden costs of homeownership

Principal, interest, taxes and insurance are just the beginning. Whether you’re a first-time buyer or thinking about moving up, you should plan for extra costs that could add up to thousands each year.

By Liz Pulliam Weston

Michael, an accountant from Florida, is no dummy when it comes to money. But he was astonished by how squeezed he felt financially after buying a home several years ago.

“The monthly payment is manageable. The maintenance is the problem,” he e-mailed me. “Each year there are one or two major things that cost $1,000 to $3,000.”

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